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Commercial Bankruptcy Scheme of Arrangement

Jones Day

New York Bankruptcy Court Recognizes English Scheme of Arrangement Proceeding Under Chapter 15 Despite Concerns of Improper COMI...

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Approaching its 20-year anniversary, chapter 15 of the Bankruptcy Code has proven to be an invaluable tool for facilitating cross-border bankruptcy and insolvency cases. As foreign debtors have increasingly relied on chapter...more

International Lawyers Network

Bankruptcy, Insolvency & Rehabilitation Proceedings in Cyprus (Updated)

This guide offers an overview of legal aspects of bankruptcy, insolvency and rehabilitation in the requisite jurisdictions. It is meant as an introduction to these market places and does not offer specific legal advice. This...more

Latham & Watkins LLP

Release Me From My Bands Or Else My Project Fails Third Party Releases in Schemes

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Third-Party Releases are common in English law schemes of arrangement and restructuring plans, and US courts have so far indulged that approach in granting recognition. If Prospero’s plea to the audience at the...more

Barnea Jaffa Lande & Co.

Israel: Court-Ordered Insolvency Proceedings Are a One-Way Street

A company in financial distress has three main rehabilitation and debt arrangement channels. Each of these channels entails advantages and disadvantages. Applying to the court for relief during the rehabilitation of a company...more

International Lawyers Network

Bankruptcy, Insolvency & Rehabilitation Proceedings in Cyprus

This guide offers an overview of legal aspects of bankruptcy, insolvency and rehabilitation in the requisite jurisdictions. It is meant as an introduction to these market places and does not offer specific legal advice. This...more

Latham & Watkins LLP

Cramming Down Pension Liabilities: The Final Frontier?

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The Part 26A restructuring plan has introduced significant cross-class cramdown powers that may impact the defined benefit pension arrangements in the UK. As the UK looks set to enter a new restructuring cycle, the...more

Latham & Watkins LLP

Cross-Border Recognition: Hong Kong Schemes and the Compromise of Foreign Law-Governed Debt

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Judicial comments cast doubt on the ability to compromise US law-governed debt effectively based on Chapter 15 recognition alone. A recent first instance decision in Hong Kong has highlighted an important...more

Hogan Lovells

UK CVAs: Draining the swamp

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How do you improve the image of company voluntary arrangements? Start by reforming the voting rules. A recent research paper commissioned by the Insolvency Service concluded that property owners were “broadly” treated...more

Hogan Lovells

Sanctions no bar to sanction: Nostrum Oil & Gas PLC’s scheme of arrangement

Hogan Lovells on

Nostrum Oil & Gas PLC’s scheme of arrangement under Part 26 of the Companies Act 2006 (the “Scheme”) was sanctioned on 26 August 2022, with the “scheme effective date” occurring on 31 August 2022. While the terms of the...more

Morgan Lewis

Singapore’s Restructuring and Insolvency Regime Is a Tool for Local and International Companies

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Restructuring debt obligations under Singapore law can be an attractive option for companies seeking debtor-led reorganisations, as the country aims to be a centre for debt restructuring in Asia. There are options for...more

Latham & Watkins LLP

Schemes and Restructuring Plans: Where Are We Now?

Latham & Watkins LLP on

The forecast for the English scheme and plan looks set fair despite concerns around Brexit turbulence. The restructuring market’s appetite for Part 26 schemes of arrangement and Part 26A restructuring plans shows no...more

Latham & Watkins LLP

Restructuring and Insolvency in Hong Kong

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In Hong Kong, the statutory framework for regulating the affairs of insolvent companies is found in the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) (the “C(WUMP)O”) and the Companies (Winding Up)...more

Jones Day

Business Restructuring Review | March–April 2021

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In This Issue: Tenant's Election to Retain Possession of Rejected Lease Premises Preserves Obligations Under Related Agreements - Section 365(h) of the Bankruptcy Code provides special protection for tenants if a...more

Akin Gump Strauss Hauer & Feld LLP

Restructuring & Insolvency in Hong Kong – Recent Key Cases Update

In light of the global economic dislocation and significant challenges faced by many businesses in Asia over the past year, the Hong Kong Companies Court has recently been grappling with multiple crossborder corporate...more

Jones Day

The Dutch Scheme Has Arrived

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After more than six years of development, the legislative process concerning new Dutch restructuring legislation (Wet Homologatie Onderhands Akkoord, or “WHOA”) that introduces a Dutch debtor-in-possession proceeding (a...more

Jones Day

Legislative Update: New Dutch Restructuring Law Enacted

Jones Day on

On October 6, 2020, the Dutch Senate approved long-anticipated restructuring legislation allowing for court confirmation of extrajudicial restructuring plans (Wet Homologatie Onderhands Akkoord, or "WHOA")....more

White & Case LLP

CIGA: Super-scheme to the rescue? The UK’s new Corporate Insolvency and Governance Act introduces a restructuring plan procedure...

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The new UK Corporate Insolvency and Governance Act (CIGA), which took effect in June 2020, ushers in permanent changes to the English insolvency and restructuring landscape as well as temporary, and largely retrospective,...more

Jones Day

Matalan: (Some) Additional Clarity on the Impact of English Schemes and Chapter 15 on CDS

Jones Day on

The Situation: On August 11, 2020, a Credit Derivatives Determinations Committee for EMEA ("DC") unanimously determined that the Chapter 15 filing by British retailer Matalan triggered a Bankruptcy Credit Event under standard...more

White & Case LLP

Singapore restructuring regime: foreign companies establishing eligibility for moratorium protection

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In Re PT MNC Investama TBK [2020] SGHC 149, the Singapore High Court provided guidance as to what is sufficient for a foreign company to establish standing to avail itself to the Singapore restructuring regime. Specifically,...more

White & Case LLP

Singapore rescue financings: introducing roll-ups

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The landmark decision in Design Studio introduces the US rescue financing concept of "roll-ups" to Singapore. This is the first case to consider the appropriateness of the roll-up feature in Singapore and is a pragmatic...more

White & Case LLP

Restructuring in Turkey: A new paradigm?

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As more Turkish companies begin to report liquidity issues and economic pressures begin to bite, successful financial restructurings are likely to become increasingly critical to the prosperity of the Turkish economy...more

A&O Shearman

UK Corporate Insolvency Reforms: What do I need to know?

A&O Shearman on

The UK Government’s response issued on 26 August 2018 confirms that the UK corporate restructuring toolbox will change (and expand). Some of the proposed changes could be significant for borrowers, creditors and distressed...more

Latham & Watkins LLP

Deal Teams Can Scheme to Success

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Schemes of arrangement are a well-known and familiar tool for many within M&A. They are often used to implement acquisitions of public or widely held companies or restructurings of financial indebtedness, frequently as part...more

Patterson Belknap Webb & Tyler LLP

Chapter 15: US Court Respects UK Scheme of Arrangement: Third-Party Releases Enforced

Judge Martin Glenn granted recognition to a UK scheme of arrangement with third-party releases that lacked full creditor consent. In re Avanti Communs. Grp., PLC, No. 18-10458, 2018 Bankr. LEXIS 1078 (Bankr. S.D.N.Y. Apr. 9,...more

Jones Day

Singapore Enacts New Corporate Bankruptcy Law in Bid to Become Center for International Debt Restructuring

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On March 10, 2017, Singapore's Parliament approved the Companies (Amendment) Bill 2017 (the "Act") to enhance the country's corporate debt restructuring framework. The Act, a copy of which is available here, was assented to...more

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